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Shares in Sports Direct tumble

by March 7, 2017

written by 7^th Mar 17 3:13 pm

This is what happened…

Shares in Sports Direct fell almost seven per cent on Tuesday at one stage due to ongoing currency headwinds.

Sports Direct owner, Mike Ashley has previously blamed the fall in the pound after the firm saw a £35m hit to its earnings.

The company then later reported a 25 per cent fall in half-year profits, damage also came about over its working practices at its main warehouse.

In the firm’s latest announcement it spoke of financial problems relating to the devaluation of the euro against the US dollar.

A Sports Direct statement said: “In response to certain inquiries received by the company in relation to currency, we continue to believe the devaluation of the euro against the dollar will impact on gross margin.”

“Our euro/dollar exchange rate is currently hedged at 1.46, which is due to expire at the end of full year 2017 and we currently have no euro/dollar hedging in place for full year 2018.”